Cynthia Ezegwu
Argentine President Javier Milei has described his party’s sweeping victory in Sunday’s midterm elections as a “turning point” for the country, pledging to accelerate his reform agenda of shrinking the state and deregulating the economy.
Milei’s La Libertad Avanza (LLA) party won 40.7 per cent of the vote for Congress seats, far ahead of the opposition, in an election closely watched by investors amid ongoing economic turbulence.
“Today we reached a turning point. Today begins the construction of a great Argentina,” Milei, 55, told cheering supporters at a victory rally in Buenos Aires. He vowed to push forward with what he called “the most reformist Congress in Argentina’s history.”
According to preliminary results from the National Election Commission, LLA more than tripled its representation in the legislature — securing 101 seats in the Chamber of Deputies, up from 37, and 20 Senate seats, up from six. The results are expected to be confirmed later this week.
The centre-left Peronist movement, which has dominated Argentine politics for decades, trailed with 31.7 per cent of the vote. Buenos Aires Province Governor Axel Kicillof, a key Peronist leader, said the outcome did not represent an endorsement of Milei’s policies, noting that “six out of ten Argentines do not agree with his model.”
The elections marked Milei’s first major political test since assuming office two years ago on a promise to revive Argentina’s ailing economy through austerity and deregulation.
The run-up to the polls was overshadowed by a sharp decline in the value of the peso and reports of U.S. intervention to stabilize the currency. Washington recently approved a $40 billion aid package following Milei’s appeal to U.S. President Donald Trump, who has described himself as a close ally.
“That was a big win in Argentina,” Trump told reporters aboard Air Force One. “I gave him a very strong endorsement.”
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Despite his electoral success, Milei’s leadership has faced criticism over deep spending cuts, mass layoffs in the public sector, and reduced funding for health, education, and pensions. The measures, while credited with slowing inflation by two-thirds, have worsened poverty levels and dampened economic growth.
Sunday’s vote also saw historically low voter turnout at 67.9 per cent — the lowest in four decades — underscoring public disillusionment with Argentina’s political class.
Economy Minister Luis Caputo ruled out any immediate devaluation of the peso following the vote, amid speculation that the government might adjust its exchange rate policy to address market instability.
Supporters of Milei, however, hailed the victory as a validation of his tough economic stance. “I’m very happy and excited; I didn’t expect such a large number,” said Facundo Campos, a 38-year-old marketing consultant in Buenos Aires.
As Milei’s party prepares to consolidate its gains in Congress, analysts say his next challenge will be balancing austerity with public patience — and proving that his promised “new Argentina” can deliver results without deepening hardship.